CHERAW AND CHESTER NARROW GAUGE R. R.--CHESTER AND LENOIR NARROW GAUGE R. R. Hon. A. C. HASKELL, President. COLUMBIA, S. C., August 11th, 1883. DEAR SIR: For the Chester and Lenoir and Cheraw and Chester Narrow Gauge Roads, I respectfully submit the following: The local earnings of the Chester and Lenoir Road for the nine months ending June 30th, 1883, which would have been affected by the Standard Tariff were as follows: The local earnings of the Cheraw and Chester Road for the same period were In this connection I beg to draw your attention to the fact that the operating expenses of the narrow gauge roads vary but little from those of the wider gauges, the same number of train men and the same relative proportion of fuel to the tons of freight and number of passengers carried being required as on the wide gauge roads. Over 90 per cent. of the Chester and Lenoir business is transported but 23 miles; and of the Cheraw and Chester business but 29 miles. It should be borne in mind that but 10,000 lbs. can be carried in the freight cars of these roads, and that under the lower classes of the "Standard Tariff" the rates are too low to pay even the cost of initial and terminal expenses, and that the rates fixed for car loads are really for two car loads. That nearly all freight has to be transferred at the junction points, which is an expense avoided on the uniform gauge of other roads on connection business. With these statements it is confidently hoped that the Commission will make a large increase in the Standard Tariff on freights and allow four cents to be charged for first class passage on these roads. I enclose statements, marked A and B, showing the actual receipts, what would have been received under Standard Tariff, and the loss on cotton and guano for nine months ending June 30th, 1883. Very respectfully. SOL. HAAS, T. M. CHERAW AND CHESTER RAILROAD. Statement of Cotton and Guano-Nine Months Ending June 30, 1883. Showing Tonnage and Revenue as Performed, Compared with "Stand Statement of Cotton and Guano-Nine Months Ending June 30, 1883. Showing Tonnage and Revenue Performed as Compared with Standard Tariff. CHERAW AND DARLINGTON RAILROAD. SOCIETY HILL, S. C., August 9, 1883. To the Honorable the Railroad Commissioners of South Carolina, Columbia, S. C. GENTLEMEN: The average net receipts of the Cheraw and Darlington Railroad for the fourteen years from 1869 to 1882 inclusive have been $25,202.92. I mean by net receipts the amount left over after paying operating expenses. The bonded debt of the road during this period has been $276,000.00, viz.: First mortgage 8 per cent. bonds..... $161,000 00 75,000 00 40,000 00 $276,000 00 The $40,000.00 in certificates represents the cost of restoring the road bed and rolling stock immediately after the war. The annual interest will thus be shown to be $21,230.00, deducting which sum from the net receipts named above leaves a surplus of $3,892.92 applicable to repairs and betterments. The certificates of indebtedness have been reduced from $40,000.00 to $15,000.00, which reduces the annual interest account to $19,330.00. The within statement shows that the actual receipts of the road for the year terminating June 30th, 1883, were $66,275.58, and that under the "Standard Tariff" they would have been but $53,250.11, showing a reduction of $13,025.47, or 19.6 per cent. This sum deducted from the annual earnings would leave but $12,177.45 net with which to meet the interest on the funded debt, or a deficit of $7,162.55, without taking into account what is necessary from time to time in keeping up the road bed and equipment. The stock of the company is $392,000.00 (of which more than onefourth is held in the city of Charleston and nearly one-half by the citizens of the State) and has never once paid a dividend, nor does there seem to be a prospect, even with the present rates, of it ever doing so. The prospects would be even more remote were the "Standard Tariff" put in operation. I respectfully submit to your honorable body that the road has been in operation for twenty-eight years and was originally laid with iron rails, which have become very much worn and need replacing with steel at a very early day. Should the present tariff be reduced, we will be prevented from making this much needed and other improvements. It may be well to add that since 1866 the rates have from time to time been reduced until on many of the most important articles rates are now less than one-half than they then were. Very respectfully, B. D. TOWNSEND, CHERAW AND DARLINGTON RAILROAD. Statement for Year Ending June 30, 1883, Showing Actual Receipts from Business Affected by "Standard Tariff" of South Carolina, Compared with what would have been Received under "Standard Tariff." |